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Equity to Debt: How AI Infrastructure Is Now Being Financed

The shift from venture equity and hyperscaler balance sheets to investment-grade bonds and syndicated loans as the primary instruments for AI infrastructure capitalisation, introducing new risk dynamics tied to credit markets and debt service constraints.

3 signals tracked

  1. SpaceX, ByteDance, Oracle signal debt-fuelled buildout is now structural

  2. Bond-funded buildouts make AI equities newly vulnerable to rate moves

  3. Alphabet taps yen bond markets as energy gaps and memory walls bite